Special Secretary to the Chief Minister (Finance and Economic Affairs) Duvvuri Krishna has refuted the observations of “financial expert” G.V. Rao on Andhra Pradesh’s finances and his feedback that the State will endure severely if the YSR Congress Party (YSRCP) is voted to energy once more.
Addressing the media on the Secretariat, at Velagapudi, close to right here, on May 11 (Thursday), Mr. Krishna alleged “that a vernacular daily has published an interview of a person without name or fame, calling him as an economic expert.”
“The so-called expert has tried to portray the State’s finances in poor light, but could not substantiate his observations with facts and figures,” Mr. Krishna alleged.
‘Shallow, superficial analysis’
“Every document pertaining to the government is in public domain. The government welcomes an analysis, or constructive criticism of the same, but not shallow and superficial analysis,” he mentioned.
Mr. Krishna mentioned that “a deliberate malicious campaign is being carried out that the State is reeling under ₹10 lakh crore debt.”
The experiences of the Comptroller and Auditor General (CAG) of India and the RBI set up past doubt that the money owed availed by the TDP authorities have been far excessive, he mentioned.
“The increase in debts during the present YSRCP dispensation is not higher than what has been accumulated during the TDP term, both in terms of absolute numbers as well as CAG figures,” Mr. Krishna asserted.
Outstanding liabilities
The total liabilities have been ₹4,12,288 crore when the TDP demitted workplace in May 2019. As of March 2023, the general liabilities have been ₹6,51,789 crore, he mentioned.
“The outstanding liabilities have increased by 169% during the five-year TDP term. This translates to a compounded annual growth rate of liabilities of 21.87% during 2014-19. As against that, the outstanding liabilities have increased by only 58% during the YSRCP term from 2019 to 2023, translating to a compounded annual growth rate of only 12.69%,” Mr. Krishna argued.
Refuting the statement that the federal government was incurring wasteful expenditure, Mr. Krishna mentioned the YSRCP authorities was spending on essential sectors corresponding to training, well being, and agriculture.
For occasion, with respect to training, the scenario was very pathetic throughout the TDP time period, he alleged.
Increase in GER
Owing to the proactive insurance policies of the YSRCP authorities, the Gross Enrolment Ratio (GER) with respect to major training elevated to 101.6% from 84.48% throughout the TDP time period, he mentioned.
Mr. Krishna mentioned the allegations that the federal government was diverting funds with out depositing it in the consolidated fund of the State was not solely an act of casting aspersions on the State authorities but additionally on the constitutional and authorized framework, the RBI and the CAG.
COVID-19 affect
The outbreak of the COVID-19 pandemic resulted in an estimated income lack of ₹66,116 crore, he mentioned. The pandemic associated expenditure was vital, essential programmes with numerous essential sectors weren’t compromised, he added.
“How can one say that the fiscal management is bad? How can one irresponsibly say that the prospect of electing back the same government will be detrimental to the interests of the people of the State?” he questioned.
